- 11 U.S.C.
Zucker v. Freeman (In re Netbank Inc.)
Feb
19
2010
Ruling
Payment to debtor's former CEO outside of preference period was not avoidable absent showing that CEO was an insider when paid less than one year prior to petition date.
Procedural posture
Plaintiff, the liquidating supervisor for a bank that declared chapter 11 bankruptcy, filed an adversary proceeding against defendant, the bank's former chief executive officer (CEO), seeking a determination that a transfer the bank made to the CEO before the bank declared bankruptcy was avoidable under 11 U.S.C.S. §§ 547 and 548. The CEO filed a motion to dismiss Count One of the complaint.
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Court
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